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FJ Next Holdings CoTSE:8935 +2.12%92 Graham Number is 円4,127.04 as of Mar. 2026, which is 100% below its 10-year median of 0.38. GuruFocus rates TSE:8935 with a GF Score™ of 92/100 and a GF Value™ of 円1,854.48 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,170 Real Estate companies, FJ Next Holdings Co ranks better than 78.21% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
As of today (2026-08-16), the stock price of FJ Next Holdings Co is 円2024.00. FJ Next Holdings Co's graham number for the quarter that ended in Mar. 2026 was 円4,127.04. Therefore, FJ Next Holdings Co's Price to Graham Number ratio for today is 0.45.
The historical rank and industry rank for FJ Next Holdings Co's Graham Number or its related term are showing as below:
TSE:8935'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.31 Med: 0.38 Max: 0.49
Current: 0.44
During the past 13 years, the highest Price to Graham Number ratio of FJ Next Holdings Co was 0.49. The lowest was 0.31. And the median was 0.38.
TSE:8935's Price-to-Graham-Number is ranked better than 78.21% of 1170
companies
in the Real Estate industry
Industry Median: 0.74
vs TSE:8935: 0.44
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
FJ Next Holdings Co (TSE:8935) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
FJ Next Holdings Co's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
2024.00
/
4,492.91
=
0.45
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
FJ Next Holdings Co Graham Number Related Terms
FJ Next Holdings Co Graham Number Historical Data
* Premium members only.
The historical data trend for FJ Next Holdings Co's Graham Number can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FJ Next Holdings Co Graham Number Competitor Comparison
For the Real Estate - Diversified subindustry, FJ Next Holdings Co's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
FJ Next Holdings Co Price-to-Graham-Number vs Real Estate Industry
For the Real Estate industry and Real Estate sector, FJ Next Holdings Co's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where FJ Next Holdings Co's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FJ Next Holdings Co (TSE:8935) has a Graham Number of 円4,127.04 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on FJ Next Holdings Co and its competitors. This is 1085963% above median its historical median of 0.38. Over the past decade, FJ Next Holdings Co's Graham Number has ranged from 0.31 to 0.49. According to the industry distribution chart, FJ Next Holdings Co ranks #255 out of 1170 companies in the Real Estate industry, placing it in the top 21.8%.
Is FJ Next Holdings Co's Graham Number too high?
FJ Next Holdings Co's current Graham Number of 円4,127.04 is 1085963% above median its 10-year median of 0.38. Over the past 10 years, this metric has ranged from a low of 0.31 to a high of 0.49. Based on the distribution chart, FJ Next Holdings Co ranks #255 out of 1170 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, FJ Next Holdings Co has a GF Score™ of 92/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does FJ Next Holdings Co's Graham Number compare to competitors?
According to the Real Estate industry distribution chart, FJ Next Holdings Co ranks #255 out of 1170 companies for Graham Number. This places FJ Next Holdings Co in the top 22% of its industry — outperforming the majority of peers. The industry median Graham Number is 0.74. Historically, FJ Next Holdings Co's own Graham Number has ranged from 0.31 to 0.49 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Real Estate company?
The median Graham Number among Real Estate companies is 0.74, based on 1,170 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on FJ Next Holdings Co and its competitors. For the Real Estate industry, the median Graham Number is 0.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. FJ Next Holdings Co's current Graham Number is 円4,127.04, which is 1085963% above median its own 10-year median of 0.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is FJ Next Holdings Co stock overvalued right now?
Based on GuruFocus' analysis, FJ Next Holdings Co (TSE:8935) is currently considered Fairly Valued. The stock's GF Value™ is 円1,854.48, compared to a current price of 円2,024.00 — trading 9.1% above its estimated fair value. The current Graham Number is 円4,127.04, which is 1085963% above median its 10-year median of 0.38. FJ Next Holdings Co's overall GF Score™ is 92/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For FJ Next Holdings Co (TSE:8935), the current Graham Number is 円4,127.04 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is FJ Next Holdings Co (TSE:8935) Overvalued in 2026?
Based on GuruFocus' analysis, FJ Next Holdings Co stock appears to be overvalued.
The current stock price of 円2,024.00 is trading 9.1% above its estimated GF Value™ of 円1,854.48.
GuruFocus considers FJ Next Holdings Co to be Fairly Valued.
Key valuation signals for TSE:8935:
Graham Number: 円4,127.04 (1085963% above median its 10-year median of 0.38)
GF Value™: 円1,854.48 vs. price of 円2,024.00 (9.1% above fair value)
No single metric tells the full story. See the TSE:8935 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
FJ Next Holdings Co Ltd operates in the real estate sector in Japan. Along with its subsidiaries, the company operates in the following reportable segments: Real Estate Development, Real Estate Management, Construction, Hotel, and others. The majority of its revenue is generated from the Real Estate Development business, which is engaged in the development, sales, and marketing of studio apartments, resort properties, and family apartments (Gala Mansion Series and Gala Residencies) mainly in the Tokyo metropolitan area. In addition, this segment also offers rental recruitment and real estate brokerage services.
92GF Score
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